Summary
This 8-K filing from Johnson Controls International plc (JCI), dated June 26, 2007, primarily reports on the termination of a material definitive agreement. Specifically, it details the departure of Mr. Pillmore and the resulting termination of his employment agreement. The filing outlines the financial and benefit-related terms associated with his separation from the company, including severance payments, continued benefits, and options exercise provisions.
Key Highlights
- 1Termination of Mr. Pillmore's employment agreement due to his departure in connection with a separation transaction.
- 2Mr. Pillmore to receive a lump sum payment equivalent to two times his base salary and target annual bonus (or most recent annual bonus if higher).
- 3Entitlement to a pro rata portion of any annual bonus for the year of his retirement.
- 4Credit of two additional years of service for supplemental retirement benefits calculation.
- 5Continued participation in health and welfare plans for a period of two years post-departure.
- 6Ability to exercise vested options for a period specified by the grant terms or employment agreement, whichever is longer.
- 7Mr. Pillmore's governance responsibilities will be transitioned to the finance and law functions within the company.
Frequently Asked Questions
The main reason for this filing is to report the termination of Mr. Pillmore's material definitive agreement (his employment agreement) due to his departure from the company as part of a separation transaction.
Mr. Pillmore is entitled to a lump sum payment equal to two times his base salary and target annual bonus (or his most recent annual bonus, if higher). He will also receive a pro rata portion of his annual bonus for the year he retired.
He will receive credit for two additional years of service for calculating his supplemental retirement benefits, continued participation in health and welfare plans for two years, and the ability to exercise vested stock options according to specified terms.
His governance responsibilities will be transitioned to the finance and law departments within Johnson Controls International plc.